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NOTES RECEIVABLE AND PREFERRED EQUITY INVESTMENT (Tables) | 12 Months Ended
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Dec. 31, 2011
Mortgage Loans on Real Estate [Abstract] |
Schedule of Notes Receivable | Notes Receivable were as follows at December 31, 2011:
Description |  | Effective interest rate |  | Maturity date |  | Periodic payment terms |  | Prior liens |  | Face amount of mortgages |  | Carrying amount of mortgages
(dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Zero Coupon Loan |  | 24.00% |  | 1/3/2016 |  | (2) |  | $ | 166,200 |  |  | $ | 5,644 |  |  | $ | 3,563 |
Mezzanine Loan |  | 10.00% |  | 12/31/2013 |  | (2) |  | 85,835 |  |  | 9,089 |  |  | 9,089 |
Mezzanine Loan |  | 15.00% |  | Capital Event |  | (2) |  | 11,925 |  |  | 3,834 |  |  | 3,834 |
Mezzanine Loan |  | 17.50% |  | 1/1/2017 |  | (2) |  | 37,700 |  |  | 3,550 |  |  | 2,173 |
First Mortgage Loan |  | 12.00% |  | 12/5/2012 |  | (1) |  | — |  |  | 8,500 |  |  | 8,500 |
First Mortgage Loan |  | 10.77% |  | Demand Note |  | (2) |  | — |  |  | 10,000 |  |  | 10,000 |
First Mortgage Loan |  | 7.00% |  | 2/1/2012 |  | (1) |  | — |  |  | 4,000 |  |  | 4,000 |
Construction Loan |  | 20.51% |  | 4/1/2012 |  | (2) |  | — |  |  | 5,400 |  |  | 5,400 |
First Mortgage Loan |  | 6.00% |  | 12/1/2012 |  | (1) |  | — |  |  | 12,609 |  |  | 12,609 |
Individually less than 3% |  | 10.00% to 12.00% |  | 12/31/13 to Capital Event |  |  |  | — |  |  | 8,399 |  |  | 821 |
Total |  |  |  |  |  |  |  |  |  |  | $ | 71,025 |  |  | $ | 59,989 |
Notes:
(1) | Payable upon maturity.
(2) | Interest only payable monthly, principal due on maturity.
Schedule of Notes Receivable and Preferred Equity Investments Reconciliation | The following table reconciles notes receivable and preferred equity investments from January 1, 2009 to December 31, 2011:
|  | For the years ended December 31,
(dollars in thousands) |  | 2011 |  | 2010 |  | 2009
Balance at beginning of period |  | $ | 89,202 |  |  | $ | 125,221 |  |  | $ | 125,587 |
Additions during period: |  |  |  |  |  |  |  |  |
New mortgage loans |  | 34,758 |  |  | — |  |  | 10,839 |
Deductions during period: |  |  |  |  |  |  |  |  |
Collections of principal |  | (56,517 | ) |  | (42,010 | ) |  | (13,614 | )
Reclass to investments in unconsolidated affiliates |  | (8,000 | ) |  | — |  |  | — |
Non-cash accretion of notes receivable |  | 786 |  |  | 6,164 |  |  | 5,352 |
Reserves |  | (240 | ) |  | (93 | ) |  | (2,943 | )
Other |  | — |  |  | (80 | ) |  | — |
Balance at close of period |  | $ | 59,989 |  |  | $ | 89,202 |  |  | $ | 125,221 |
Schedule of Allowance for Credit Losses on Notes Receivable | The following table reconciles the allowance for notes receivable from December 31, 2009 to December 31, 2011:
| Allowance for
(dollars in thousands) | Notes Receivable
Balance at December 31, 2009 | $ | 5,943 |
Reserves | 93 |
Write off of notes receivable | (3,000 | )
Balance at December 31, 2010 | 3,036 |
Reserves | 240 |
Balance at December 31, 2011 | $ | 3,276 |

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- Definition Tabular disclosure of financing receivables (examples of financing receivables include loans, trade accounts receivable and notes receivable) and activity in the allowance for credit losses account. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11B -URI http://asc.fasb.org/extlink&oid=6965416&loc=SL6953423-111524 + Details
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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 3, 4 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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